Rayovac 2002 Annual Report Download - page 8

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ADJUSTED
OPERATING
INCOME
3
(in millions) ’98 ’99 ’00 ’01 ’02
$46.7
$63.0
$89.3
$76.7
$76.2
’02
ADJUSTED
OPERATING
INCOME
MARGINS
3
(in percent) ’98 ’99 ’00 ’01
10.6%
12.5%
14.2%
12.4%
13.3%
’98 ’99 ’00 ’01 ’02
39.1%
39.6%
41.1%
41.4%
41.7%
A
DJUSTED
GROSS
PROFIT
MARGINS
2
(in percent)
• Announced acquisition of consumer battery business of VARTA AG, a leader in the global battery industry
• Obtained new $625 million bank credit facility to finance the VARTA transaction, and to fuel our growth
• Fortified our balance sheet by reducing inventory and receivables, driving improvements in working capital and
controlling costs
• Increased cash flow from operations to $66.8 million dollars, a $49 million dollar improvement compared with last year
• Added to our strong leadership at Board and senior management levels
HIGHLIGHTS
SUMMARY OF FINANCIAL PERFORMANCE
2 See Table 2, Page 12 for reconciliation to U.S. GAAP financials.
3 See Table 3, Page 12 for reconciliation to U.S. GAAP financials.